Nov 20, 2012 7:00pm PST
calls taken bee democratic members when you say this is what we need to do. >> i heard you as steve colbert's lawyer advise him that he could keep the money he received from his super pac and transfer it to his social welfare fund and use it for lobbying. >> let me see if i'm clear, i have a 501c4 called colbert super pac 5hh, and i take the money from the super pac and i pass it through the 501c4 into a second unnamed 501c4. i place all of the money inside that second unnamed 501c4 and through the magic of your lawyering and the present federal tax code, after i close this and lock it, that money is gone forever and no know ever knows what happened to it? >> you'll know, but nobody else will. >> federal election commission rules say he could have taken the money, written himself a check and gone and bought a yacht. that's permissible because what the congress has done is restricted actual candidates, members of congress and their challenges and said they can't use the money to buy a cadillac or a yacht or other personal use, but none of these other political monies are restricted.
Nov 21, 2012 12:00am PST
.a.c. capital advisors in connecticut which is run by billionaire steve cohen gathered inside information about an alzheimers cli.$kal drug trial that was being conducted. based on that information he built a position of $700 million in the two drug companies that were running the trial. through his connections with a neurologist at the university of michigan, he gathered inside information about the progress of that clinical drug trial first building the position in the stock when he thought the trial was going well and then when he affirmatively learned it was not going so well he had the sell all of its shares and stock options. gained or avoided losses of $276 million. >> what do we know about this firm and this individual? some of his employees have been in the cross hairsÑi before. >> cohen had one of the best track records on wall street in terms of running his hedge fund. he's had returns averaging 30% a year since 1992. he personally is worth about $8 billion. six of his employees have been criminally charged in the last three years in the wall street crackdown on insider trading by u